Nationwide Pet Insurance – Upcoming Rate Adjustments

By ESO on July 8, 2021

Starting July 5, some states will experience a rate change on the My Pet Protection plans currently offered to employees.

Rate adjustments are not taken lightly and are necessary to offset the higher costs of veterinary care and significantly increased claim filings during the COVID-19 Pandemic.

The annual rate of inflation for veterinary services currently stands at nearly 8%. Additionally, pet owners are seeking care more frequently for their four-legged family members, which is something we welcome as it means pets are getting the care they need. Higher claim costs mean we need to adjust pricing in some areas to ensure we can continue offering these popular plans with an exceptional level of coverage.

Below are the states with a rate update:

My Pet Protection	My Pet Protection with Wellness
AZ, CA*, CO, CT, FL, GA, HI, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MS, NE, NM, OH, OR, PA, SD, TN, TX, VA, VT, WI, WV, WY	AZ, CA*, CO, FL, GA, HI, IL, IN, KS, LA, MA, MD, ME, MI, MN, NM, OH, OR, PA, TN, TX, VA, VT, WI, WV, WY

*California is pending approval

The average increase for My Pet Protection is 9.4% or approximately $5 per month.

The average increase for My Pet Protection with Wellness is 5.3% or approximately $3 per month.

Nationwide continues to be the leader in low-cost options for pet insurance, as plans save employees an average of 10%-15% for pets age 2-5 and 20%- 60% for pets over 6 years of age or older.

If someone enrolls between now and 7/15/2021 (12:00 am), the quote will be based on the current rates.
Starting on 7/15/21 (12:01 am), any application submitted will be quoted based on the new rates.
Renewal policies will not see a rate change until September 23, 2021.

You are not required to do anything to implement the rate changes.

Nationwide will implement all rate changes from our end, including updating the online quoting system.
Payroll contact will be notified of any payroll deduction changes through today’s same payroll process once a member goes through their own renewal.

You will not need to communicate the rate change to employees or members.

Rate changes for new policies will already be effective at the time of enrollment.
For existing policies, the member will be informed directly of any applicable rate changes during their own policy renewal.

Source: Nationwide